零售业上市公司多元化经营与企业绩效的关系研究
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摘要
多元化能否给企业带来经营绩效的提升,这在学术界一直是个有争议的话题。中国作为一个新兴经济体国家,关于这个问题的研究结论可能与国外不同,同时国内还缺乏以特定行业为对象的研究。在众多行业中,零售业因其多种经营业态并存本身就具有多元化的基因。而面对外资企业的入侵和零售业低利润率的特点,近年来国内零售企业更是纷纷开展多元化经营,但多元化经营的效果如何?这正是本文所要讨论的。
本文选取沪深两市55家零售业上市公司作为研究对象,取06- 08三年的财务数据平均值,来研究国内零售企业多元化经营与企业绩效的关系。本文以赫芬达尔指数代表企业的多元化经营程度,以总资产收益率ROA,净资产收益率ROE和每股收益EPS这三个指标代表企业的绩效。研究结果表明:国内零售业上市公司多元化经营与企业绩效之间呈负相关,即产生了“多元化折价”,不同多元化类型企业之间的绩效存在差异,单一型企业的绩效好于多元化企业,相关多元化企业的绩效要好于不相关多元化企业。因此,当前阶段我国零售企业应该谨慎开展多元化,把更多精力放在提升主业规模,保持高速增长和协调多种业态上。
It has always been being an arguing question that if diversification strategy is beneficial to corporate economic performance. As an emerging country, China has own answer on this subject, perhaps different from foreign countries’answer. Besides, diversification researches based on specific industry are still ignored by most domestic scholars. Only several industries, such as agriculture, textile and tourism, have been researched before. Of all industries, retail industry has its inner gene of taking the diversification strategy, which operates on a multi-type basis. Facing the pressures both from foreign retail giants and low industry profit margin, domestic retail companies adopt diversification strategy in succession these years. This article was written to explore if this strategy really worked as it’s supposed to.
In this thesis, 55 listed retail companies from Shanghai Stock Exchange and Shenzhen Stock Exchange were selected to be the research object according to CSRC and GICS.In order to explore the relationship between diversified operation degree and corporate economic performance, the thesis packed up these 55 companies’trade earning structure and corresponding financial data from 2006 to 2008. Herfindahl index was used as the independent variable that can define diversification degree, while ROA, ROE and EPS were used as dependent variables defining corporate economic performance. Liner Regression model leads to the following conclusions: (1) diversified operation has an bad impact on corporate economic performance significantly,which proves“Diversification Discount”theory; (2) Corporate economic performance differs from 4 type companies, simple-product type companies show better economic performance than other 3 type companies; (3) 11 related diversification companies have higher ROA, ROE and EPS than 8 unrelated diversification counterparts. The former set foot in catering, hostelling &Tourism, advertising and etc, while the latter focus on real estate, pharmacy, manufacturing and etc. According to this result, diversification strategy is not a good choice for Chinese Retail Industry. More attention should be paied to scale expansion, high-speed growth and multi-type development.
本文选取沪深两市55家零售业上市公司作为研究对象,取06- 08三年的财务数据平均值,来研究国内零售企业多元化经营与企业绩效的关系。本文以赫芬达尔指数代表企业的多元化经营程度,以总资产收益率ROA,净资产收益率ROE和每股收益EPS这三个指标代表企业的绩效。研究结果表明:国内零售业上市公司多元化经营与企业绩效之间呈负相关,即产生了“多元化折价”,不同多元化类型企业之间的绩效存在差异,单一型企业的绩效好于多元化企业,相关多元化企业的绩效要好于不相关多元化企业。因此,当前阶段我国零售企业应该谨慎开展多元化,把更多精力放在提升主业规模,保持高速增长和协调多种业态上。
It has always been being an arguing question that if diversification strategy is beneficial to corporate economic performance. As an emerging country, China has own answer on this subject, perhaps different from foreign countries’answer. Besides, diversification researches based on specific industry are still ignored by most domestic scholars. Only several industries, such as agriculture, textile and tourism, have been researched before. Of all industries, retail industry has its inner gene of taking the diversification strategy, which operates on a multi-type basis. Facing the pressures both from foreign retail giants and low industry profit margin, domestic retail companies adopt diversification strategy in succession these years. This article was written to explore if this strategy really worked as it’s supposed to.
In this thesis, 55 listed retail companies from Shanghai Stock Exchange and Shenzhen Stock Exchange were selected to be the research object according to CSRC and GICS.In order to explore the relationship between diversified operation degree and corporate economic performance, the thesis packed up these 55 companies’trade earning structure and corresponding financial data from 2006 to 2008. Herfindahl index was used as the independent variable that can define diversification degree, while ROA, ROE and EPS were used as dependent variables defining corporate economic performance. Liner Regression model leads to the following conclusions: (1) diversified operation has an bad impact on corporate economic performance significantly,which proves“Diversification Discount”theory; (2) Corporate economic performance differs from 4 type companies, simple-product type companies show better economic performance than other 3 type companies; (3) 11 related diversification companies have higher ROA, ROE and EPS than 8 unrelated diversification counterparts. The former set foot in catering, hostelling &Tourism, advertising and etc, while the latter focus on real estate, pharmacy, manufacturing and etc. According to this result, diversification strategy is not a good choice for Chinese Retail Industry. More attention should be paied to scale expansion, high-speed growth and multi-type development.
引文
[1]张奇男.纺织业上市公司多元化经营与企业盈利能力、成长能力、绩效稳定性关系分析与策略研究[D] ,南京财经大学硕士学位论文,2007
[2]肖葳.中国旅游业上市公司多元化战略与企业绩效关系实证研究[D] ,山东大学硕士学位论文,2008
[3]胡斌,陈铭.我国零售业面临经营方式“岔道口”[N],中国商报,2009(5)
[4]康荣平,柯银斌.企业多元化经营[M].北京:经济科学出版社1999
[5] Penrose E.T. the Theory of the Growth of the Firm [M], New York Press, 1959
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[8] C.Markides. Diversification, Refocusing, and Economic Performance [M].The MIT Press, 1995:129-135
[9] Gort.M. Diversifieation and integration in Ameriean Industry [M], Prineetor University Press, 1962(8):46
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[15]刘力.多元化经营及其对企业价值的影响[J].经济科学,1997,(3):18-19
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[20]赵张云,王毅捷.长三角民营企业多元化程度和企业绩效关系研究[J].安徽农业科学,2006,(21):5693-5695
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[36] Comment.R, Jarrell G.A. Corporate focus and stock returns [J].Journal of finan- ncial Economies, 1995(37):67-87
[37]袁芳.集团多角化战略与经济绩效关系的研究[J].重庆大学学报,2001,(1):21-25
[38]辛矍.多元化经营与企业绩效一个实证分析[J].上海经济研究,2004(6):54-60
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[41]许陈生,尹继东,郭烨.多元化经营对公司绩效的影响—来自中国上市公司的经营证据[J].经济问题探索,2006(11):6-10
[42]喻缨,霍国庆.中国制造业企业非相关多元化经营绩效的实证研究[J].科学学与科学技术管,2007(5):117-121
[43]沈红波.我国上市公司的多元化战略与公司绩效[J].上海管理科学,2007 (2):7-11
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[52] Bettis.R.A. Performance Differences in Related and Unrelated Diversification Firms [J]. Strategic Management Journal, 2001,2(4):379-393
[53]尹义省.中国大型企业多角化实证分析[J],管理工程学报,1998,(9):1-11
[54]杨雷,洪元义.我国企业多元化经营的实证探析[J].武汉理工大学学报,2001,(2):26-28
[55]黄山,宗其俊,蓝海林.中国企业集团行业多元化与绩效关系的实证检验—对DP关系模型的修正[J].科学学与科学技术管理,2008(5):125-133
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[2]肖葳.中国旅游业上市公司多元化战略与企业绩效关系实证研究[D] ,山东大学硕士学位论文,2008
[3]胡斌,陈铭.我国零售业面临经营方式“岔道口”[N],中国商报,2009(5)
[4]康荣平,柯银斌.企业多元化经营[M].北京:经济科学出版社1999
[5] Penrose E.T. the Theory of the Growth of the Firm [M], New York Press, 1959
[6] Chandler.A.D. Strategy and Structure [M], Cambridge, MA, MIT Press, 1962
[7] G.Dyas, H.Thanheiser. The Emerging European Enterprise: Strategy and Structure in French and German Industry [M]. Macmillan, 1976
[8] C.Markides. Diversification, Refocusing, and Economic Performance [M].The MIT Press, 1995:129-135
[9] Gort.M. Diversifieation and integration in Ameriean Industry [M], Prineetor University Press, 1962(8):46
[10] Amould. R.J.“Conglomerate growth and public policy”, In Gordon, L, Econom- ics of Conglomerate Growth, Department of Agricultural Economics, Corvallis, OR, Oregon State University, 1969:72-80
[11] Markham. J.W. Conglomerate Enterprise and Economic Performance [M]. Harv- ard Business Press, Cambirdge, MA, 1973
[12] Grinyer.P.H, Yasai-Ardekani and S AL-Bazzazz. Strategy, structure, the enviro- ment and financial performance in 48 United Kingdom companies[J], Academy of Management Journal.1980, (23):193-220
[13] Palepu.K, Diversification Strategy, Profit Performance and the Entropy Measu- re [J], Strategic Management Journal, 1985, 6(3):239-255
[14] John.R.Graham, Michael.L.Lenunon, Jack.G Wolf, Does Corporate Diversific- ation Destroy Value [J]. Journal of Finanee, 2002(57): 695-720
[15]刘力.多元化经营及其对企业价值的影响[J].经济科学,1997,(3):18-19
[16]朱江,我国上市公司的多元化战略和经营业绩[J],经济研究,l999(11):54-61
[17]秦拯,陈收,邹建军.中国上市公司多元化经营绩效的实证分析[J].湖南大学学报,2004,(3):32-34
[18]姚俊,吕源,蓝海林.我国上市公司多元化与经济绩效关系的实证研究[J].管理世界,2004(11):119-125
[19]张翼,刘巍,龚六堂.中国上市公司多元化与公司业绩的实证研究[J].金融研究,2005(9):122-136
[20]赵张云,王毅捷.长三角民营企业多元化程度和企业绩效关系研究[J].安徽农业科学,2006,(21):5693-5695
[21]韦小柯.多元化业务相关性与企业绩效关系[J].工业技术经济,2007(5):79-82
[22] Montgomery.C.A, S.Wernerfelt. Risk Reduction and Umbrella Branding [J], Str- ategic Management Journal, 1982(3):239-359
[23] Coase.R, The nature of the firm [J], Economics, 1937(4):331-351
[24] Varadarajan P.R. Product diversity and firm Performance: An empirical investig- ation [J], Journal of Marketing, 1986(50):43-57
[25] Villalonga, B. Diversification Discount or Premium? New Evidence from BITS Establishment-level Data. Unpublished manuscript. Anderson Graduate School of Management, University of California, Los Angeles.
[26]赵素妓,方培基,于英川.上市公司多元化与市场绩效关系的实证研究[J],《商场现代化》,2005(10):32-33
[27]张维迎.博弈论与信息经济学[M].上海,人民出版社,2005:329
[28] Amihud.Y, B.Lev. Risk Reduction As A Managerial Motive for Conglomerate Mergers [J], Bell of journal Economics, 1981, 12:605-617
[29] John.D.Martin, Akin Sayrak. Corporate diversification and shareholder value: a survey of recent literature[J], Journal of Corporate Finance,2003,(9):37-57
[30] Chandler.A.D.Jr, Strategy and Structure [M], Cambridge, MA, MIT Press, 1962
[31] Reid S.R. Mergers, managers, and the economy [M], McGraw-Hill, New York, 1968
[32] Palepu. K.Diversification Strategy, Profit Performance and The Entropy Measure [J], Strategic Management Journal, 1985(6):239-255
[33] Wernerfelt.B, Montgomery,C.A. Tobin’s Q and the importance of focus in firm performance[J], American Economic Review, 1988(78):246-250
[34] Lang.L.H.P. and Stulz,R.M.. Tobin’s Q, Corporate Diversification and Firm Performance. Journal of Political Economy, 1994(102):1248-1280
[35] Berger C.H., Philip G, Eli Ofek. Diversification’s effete on firm value [J].Journal Of Financial Economies, 1995(37):39-65
[36] Comment.R, Jarrell G.A. Corporate focus and stock returns [J].Journal of finan- ncial Economies, 1995(37):67-87
[37]袁芳.集团多角化战略与经济绩效关系的研究[J].重庆大学学报,2001,(1):21-25
[38]辛矍.多元化经营与企业绩效一个实证分析[J].上海经济研究,2004(6):54-60
[39]姚俊,吕源,蓝海林.我国上市公司多元化与经济绩效关系的实证研究[J].管理世界,2004,(11):119-125
[40]倪桂平,张晖.上市公司的业绩、股权结构与多元化经营研究[J].山东工学院学报,2005,(4):43-46
[41]许陈生,尹继东,郭烨.多元化经营对公司绩效的影响—来自中国上市公司的经营证据[J].经济问题探索,2006(11):6-10
[42]喻缨,霍国庆.中国制造业企业非相关多元化经营绩效的实证研究[J].科学学与科学技术管,2007(5):117-121
[43]沈红波.我国上市公司的多元化战略与公司绩效[J].上海管理科学,2007 (2):7-11
[44]刘霞,章仁俊.基于DEA的上市公司多元化经营效率评价[J].财会月刊,2008(5):25-26
[45]黄俊.多元化经营与公司业绩[J].会计与财务,2003(2):45-47
[46]陈信元,黄俊.政府干预、多元化经营与公司业绩[J].管理世界,2007(1):92-97
[47]金天,余鹏翼.多元化经营与公司价值—来自国内上市公司的经验证据[J].佛山科学技术学院学报(社会科学版),2006(7):65-70
[48]韩忠雪,朱荣林,王宁.超额控制、董事会构成与公司多元化折价[J].南开管理评论,2007(l):16-20
[49] Miller R A. Market structure and industrial performance: relation of profit rates to concentration, advertising intensity and diversity [J]. Journal of Industrial Econo- mics,1969(17):104-118
[50] Khanna.T., K.Palepu. Is Group Affiliation Profitable in Emerging Markets? Analysis of Diversified Indian Business Groups [J]. Journal of Finance, 2000(2): 867-891
[51] Capon.N.,Hulbert.J.M.,Farley.J.,Martin.L.E.,Corporate diversity and Economic Performance: the Impact of Market specification [J].Strategic Manag- ement Journal, 1988(9):61-74
[52] Bettis.R.A. Performance Differences in Related and Unrelated Diversification Firms [J]. Strategic Management Journal, 2001,2(4):379-393
[53]尹义省.中国大型企业多角化实证分析[J],管理工程学报,1998,(9):1-11
[54]杨雷,洪元义.我国企业多元化经营的实证探析[J].武汉理工大学学报,2001,(2):26-28
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